(BOE Report) – The United States issued fresh guidance on Monday to commercial vessels transiting the Strait of Hormuz, a key shipping lane for Middle East oil supplies, as tensions simmered between Washington and Tehran over Iran’s nuclear program. Iran has in the past threatened to close down the Strait of Hormuz, a portion of which lies within its territorial
(World Oil) – Canadian oil producers riding a boom from the expanded Trans Mountain pipeline are now grappling with increasing price discounts for near-term supplies, a sign that a supply glut is taking hold. Canada’s flagship oil grade’s discount has grown to more than $15 a barrel in recent days from less than $13 a barrel two months ago. The
(World Oil) – Transocean Ltd. has agreed to acquire offshore driller Valaris Ltd. in an all-stock transaction valued at approximately $5.8 billion, creating what the companies say will be the world’s highest-specification offshore drilling fleet and one of the largest global offshore contractors. The combined company will have an implied enterprise value of about $17 billion and a pro forma market capitalization of
(BOE Report) – Natural gas producer Expand Energy on Monday announced the departure of CEO Domenic Dell’Osso and also said it plans to relocate its corporate headquarters to Houston from Oklahoma City. The company said Chairman Michael Wichterich would take charge as interim chief. Dell’Osso will serve as an external advisor for a period of time. The company added that
(Investing) – LONDON – Oil prices were stable on Monday after the U.S. and Iran pledged to continue indirect talks, easing oil supply fears, but India stepping away from Russian purchases gave prices a floor and global stock markets rallied. Brent crude oil futures were up 6 cents, or 0.1%, at $68.11 a barrel by 1304 GMT, while U.S. West Texas Intermediate crude rose
(Oil Price) – The Namibian government will not recognize an asset acquisition deal involving TotalEnergies and Petrobras because they did not follow procedure. In a statement on Sunday, the country’s Ministry of Industries, Mines and Energy said, as quoted by Reuters, that TotalEnergies and Petrobras had not notified it of their intentions to acquire a 42.5% each in the PEL104 offshore license and
